Is it cheaper to rent or buy property?

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FOR YEARS new home-buyers in America have enjoyed lower housing payments than renters. Between 2011 and 2020 the monthly mortgage payment on a typical home was 12% lower than the rental cost of a similar property (assuming a deposit of 13%, the current national average). A steady rise in home values, worth roughly 7% per year over the past decade, also ensured buyers built equity in their homes. But, as our maps below show, today the choice between buying and renting looks very different.